Single mothers, in general, are at the bottom of the pile when it comes to financial disadvantages and lack of financial knowledge that plague many people, according to author and journalist Margaret (Peggy) Price.
Women in general still lack the resources they need including pay levels, to reach financial equality with men, and single women are weighed down more by these disadvantages, with single mothers being particularly vulnerable, Price said in an interview.
“Over the years, I noticed my friends who are single women are often at financial disadvantages and that there are things they cannot do because of finances,” Price said. Women often still work less time and are paid less than men, so they face a “double whammy,” she said. People in general, and women in particular, also suffer from being under-educated on financial topics, she said.
“This is an issue society needs to address,” Price said.
Price and Jill Gianola, author and founder of Gianola Financial Planning in Columbus, Ohio, wrote “Single Women and Money,” which provides guidance for women, along with stories of real women who faced financial challenges and how they solved them.
Most women will be single at some point in their lives and responsible for their own finances—many for a long period of time.
“There is a lack of financial education for people in general, but even more so for single women. People grow up uncomfortable with personal finances and with talking about it. There is a crying need for financial education,” Price said.
If financial advisors would provide more assistance pro bono, it would help in two ways: it would make planning available to those who cannot afford it and it would break the mystery that surrounds personal finances.
Among the issues addressed in the book is that of financial abuse of the elderly and how advisors can help. The story used to illustrate the problem is about Brooke Astor, the late New York City socialite and heiress, who was robbed by her own son. Philip Marshall, Astor’s grandson, came to her rescue once he discovered the situation, but not before Brooke Astor had been a victim of emotional and financial abuse for several years. Marshall is now an advocate for the elderly.
“Fraudsters (whether they are family or not) take advantage of single women and elderly women. Policy makers need to do more to protect them,” Price said. The government through its various agencies is doing more to try to raise public awareness as the problem becomes better known, but “many people don’t see the government alerts,” Price noted. In recent years, some laws have been enacted to try to provide levels of protection, particularly for the elderly.